FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

Calculate COGS.

Weasley's Wizard Wheezes, Inc. (www) began its business in January 2019 as a wholesale distributor of candy. WWW's purchases throughout 2019 are shown below. Www sold 250,000 units at $2.00 each during 2019. Units Total Cost $27,000 Purchased Unit Cost January 2 30,000 $0.90 February 5 25,000 0.88 22,000 March 10 33,300 0.90 29,970 April 15 40,000 0.95 38,000 74,900 60,000 July 10 1.02 76,398 October 13 1.05 63,000 24,000 $280,368 December 31 20,000 1.20 283,200 What is the amount of WwW's cost of goods sold during 2019 using the first-in, first-out (FIFO) cost flow assumption for its candy inventory? (Enter a whole number without a dollar sign.)
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Transcribed Image Text:Weasley's Wizard Wheezes, Inc. (www) began its business in January 2019 as a wholesale distributor of candy. WWW's purchases throughout 2019 are shown below. Www sold 250,000 units at $2.00 each during 2019. Units Total Cost $27,000 Purchased Unit Cost January 2 30,000 $0.90 February 5 25,000 0.88 22,000 March 10 33,300 0.90 29,970 April 15 40,000 0.95 38,000 74,900 60,000 July 10 1.02 76,398 October 13 1.05 63,000 24,000 $280,368 December 31 20,000 1.20 283,200 What is the amount of WwW's cost of goods sold during 2019 using the first-in, first-out (FIFO) cost flow assumption for its candy inventory? (Enter a whole number without a dollar sign.)
Expert Solution
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FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest  company's inventory have been sold first.

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